Gold to $6,000 as Media Ridicules

With the advance in gold and silver remaining strong, the Godfather of newsletter writers Richard Russell stated in his latest commentary, “There’s something magical, mysterious and rather beautiful about a primary bull market. The bull market in gold has been in effect for over ten years, and the mysterious part of it is the way the American people have both ignored it and damned it.”

Richard Russell continues:

“I’ve begged and implored my subscribers for a decade to enter the great bull market in gold. Even today, after a solid decade of higher prices, the great majority of Americans own not a single ounce of gold. And even today, after an amazing ten consecutive years of higher prices, we hear know-nothings denouncing real money, gold, as a barbaric and worthless relic of former times.

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Today while gold is within a few percentages of its record high, I’m asked how high I think gold can climb. My retort is, “Wrong question, the real question is how low can fiat or irredeemable money fall?“

This time, gold has, so far, only multiplied five times — from 255 to 1430. If gold was to repeat its 1970 performance and multiply 24 times, it would rise to over 6,000. But there’s a difference between the two gold bull markets: This time the other half of the world’s population (China, India, Asia) has been added to the mix. And this time, the very viability of fiat currencies is a part of the picture.”